I tried this before and able to sell last bull run but what I experienced to be more effective is still buying during dip. Although it takes a lot of patience, and you have to refrain yourself on thinking negative thoughts if Bitcoin took longer to bounce back. But still that's proven as profitable and working for investors who can let their Bitcoin stay on their secured wallet for long period and can wait for bull run before selling.
I have learnt never to sell my Bitcoin with the hope of buying it back when price supposedly reduces. There is a high chance you will never replenish the Bitcoin. So I feel this pattern of buying at the dip and selling at the peak will not work for everyone as not everyone have the discipline to do that. Besides, is there any way to completely determine what the dip and peak are?
Assuming you bought Bitcoin around $8k and some around $15k, probably you bought lets say 5 BTC in total. If you sold this in 2021 around $60k, this represent a descent profits. fast forward to today, there are high chances you have not replenished your portfolio with 5 BTC and this means even if you might have more money in fiat, yu have depleted your Bitcoin portfolio and anything that makes Bitcoin create a new ATH, you might likely be depressed seeing that your overall decision was not the best. On the other hand, you have kept a large chunk of that money as fiat, there is the possibility you inflation would have eaten deep into the money.
The ultimate aim of every believer in Bitcoin will be to own Bitcoin. In other words, you can not be a true Bitcoiner when you are overly ready to deplete your portfolio at the sight of profit even though you have the intention of buying it again at some point as this have turned to a game of probability. It is not a good position to be in my opinion.